Azerbaijan discloses budgetary funds to fight against coronavirus

Azerbaijan discloses budgetary funds to fight against coronavirus

BAKU, Azerbaijan, April 5

Trend:

The rent fee will not be charged from entrepreneurs for state property and state land in Azerbaijan until the end of this year, Executive Director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication Vusal Gasimli told Trend.

“To increase the export of non-oil products, it is planned to accelerate the sale of goods with export bills and apply privileges on customs duties on customs clearance, control and issuance of permits (certificates),” Gasimli said.

“A new model of economic growth will be introduced in the post-pandemic period,” the executive director said. “Construction, mining, petrochemical industry, digital economy, transport, trade, logistics, telecommunications, domestic tourism, agriculture and processing industry will be the main priorities of the country’s economic policy.”

“The State Investment Holding will be established to manage the companies in the Single Center, increase transparency and economic efficiency of their activity, including investment programs, and ensure competitiveness,” Gasimli said. “A new privatization program will be developed."

“To create a new mechanism for the development and implementation of strategic projects in the construction sector, the Azerbaijan Construction Corporation will be created to accelerate the development of cities and districts,” the executive director added. “This corporation will ensure long-term management of the portfolio of strategic projects, the development of new projects, attracting investors and the implementation of a pilot project.”

"Some 280 million manat ($164 million) will be allocated for vital passenger transportation,” Gasimli said. “One of the main goals of supporting employment and social security is to prevent unjustified dismissal of 1,574,000 employees in the public and private sectors, as well as to keep the salaries of the employees who are on vacation."

The temporary employment of the unemployed will be ensured through the creation of 50,000 paid public jobs while a temporary allowance in the amount of 190 manat ($111) will be paid to 200,000 unemployed people within two months.

The self-employment program will cover 11,000 people and up to 20,000 people will receive the unemployment insurance benefits. The limit of monthly preferential electricity consumption by people will be increased by 100 kilowatts per hour in April and May. Some 40 million manat ($23 million) is envisaged for paying the training costs of students from the families belonging to the low income layers of the population.

Gasimli stressed that the latter sphere is called macroeconomic and financial stability. To implement the Action Plan with a big financial capacity, a new macroeconomic framework must be developed. In accordance with the changes in fiscal policy, monetary policy faces new challenges. Stability will be ensured in the financial and banking sector of the country.

"In general, the main objective of the Action Plan is to protect the population and entrepreneurs from the negative consequences of the pandemic, preserve the functionality of the economy and apply a new model of economic growth in the post-pandemic period,” the executive director said.

“Besides 2.5 billion manat ($1.5 billion) allocated upon the presidential decree in accordance with the Action Plan, the Unemployment Insurance Fund and the State Social Protection Fund will also allocate 343.6 million manat ($202 million),” Gasimli added.

“Taking into account the donation worth 110 million manat ($57 million) to Azerbaijan’s Fund to Support Fight against Coronavirus and 10 million manat ($3 million) initially transferred to the Cabinet of Ministers, Azerbaijan’s budgetary funds envisaged for the crisis reaches three billion manat ($1.8 billion) or 12.3 percent of state budget revenues, which is 3.6 percent of GDP,” the executive director said.

“Moreover, the State Oil Fund of the Azerbaijan Republic sold funds worth $1.9 billion to stabilize the manat rate, the only currency that did not devalue during the crisis in the post-Soviet area in March 2020,” Gasimli said.

“Under the leadership of Azerbaijani President Ilham Aliyev, Azerbaijan allocated the biggest share of GDP in the post-Soviet area to combat the crisis caused by the pandemic,” the executive director said. “The goal was to bring our country to a more advantageous position in the post-pandemic period."

(1 USD = 1.7 manat on April 5)

President Ilham Aliyev, First Lady Mehriban Aliyeva view restoration and conservation works at Pir Omar Sultan shrine in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva view restoration and conservation works at Pir Omar Sultan shrine in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of orphanage-kindergarten No2 constructed on initiative of Heydar Aliyev Foundation in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of orphanage-kindergarten No2 constructed on initiative of Heydar Aliyev Foundation in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at multi-apartment buildings constructed in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at multi-apartment buildings constructed in Shamakhi (PHOTO/VİDEO)
Loading Bars
Latest
President Ilham Aliyev, First Lady Mehriban Aliyeva view restoration and conservation works at Pir Omar Sultan shrine in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of orphanage-kindergarten No2 constructed on initiative of Heydar Aliyev Foundation in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at multi-apartment buildings constructed in Shamakhi (PHOTO/VİDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva view transport vehicles and special machinery allocated to Shamakhi district (PHOTO/VİDEO)
No alternative to renewable energy
Former UK PM Tony Blair questions Trump's leadership in coronavirus pandemic
Bosnian Premier League among worst in world for coach stability: survey
Philippines posts five new coronavirus deaths, 284 infections
Azerbaijan's E-PUL payment system grows user base, prepares new project
Azerbaijani Compulsory Insurance Bureau talks priorities in insurance market
Azerbaijani president, first lady view renovation work done on Pirsaat Baba shrine in Shamakhi (PHOTO)
Official talks latest status of Iran-India contract on Chabahar port
Iran expects domestic wheat production to reach 14 million tons
Iran to sell debt securities, to make up for budget deficit
Azerbaijan detects 149 new COVID-19 cases
Production of shoes surges in Azerbaijan
BSTDB, Development Bank of Austria to finance SMEs in Azerbaijan
Azerbaijani President Ilham Aliyev, First Lady Mehriban Aliyeva arrive in Shamakhi district (PHOTO)
TAP updates on compressor and metering stations
TAP: Offshore section not fully completed yet
Azerbaijan’s Finex Kredit talks about expansion of lending in agriculture
Kazakhstan cuts time on issuing certificates on import of perishable goods
Kazakhstan reveals state-backed funding measures for SMEs
Chairman of Kazakhstan’s Nuclear and Energy Supervision Committee appointed
Kazakhstan's Altynalmas starts commissioning its new gold recovery plant
National Iranian Oil Company reveals its debts to banks
Azerbaijani president congratulates Georgian president
Kazakh Tengizchevroil evacuates employees from field to prevent COVID-19 spread
Azerbaijani Agricultural Insurance Fund talks about shares of companies
Kazakhstan's Mangystaumunaigas oil&gas company reports net income decrease
Kazakhstan sets ceiling retail prices on commercial gas
Turkmenistan to establish Reserve Currency Fund
Geostat: Number of Georgian travelers taking trips abroad declines
Enhancing Ramsar Airport now allows Iran to receive bigger aircraft
Average monthly income up in Georgia
Iran to commission over 20 airport infrastructure facilities
Iran reveals its COVID-19 statistics for May 25
Indonesia reports 479 new coronavirus cases
Spain to welcome foreign tourists back from July
Malaysia reports 172 new coronavirus cases, most of them foreigners
Expert talks about ways to develop e-commerce in Azerbaijan
Iran sees 'no problem' with launching gas exports to Syria - minister
Georgia's COVID-19 cases climb to 731
Over 12K Georgian citizens brought home since COVID-19 outbreak
Iran hints at stopping export of gas condensate
Turkmenistan to receive loan from OPEC to support local businesses
Uzbekistan increases heat energy production
China supplies innovative drip irrigation technology to Uzbekistan
Uzbekistan increasing fuel production
Turkish president makes phone call to Azerbaijani president
TAV Airports look to turn Kazakhstan's Almaty into regional cargo hub
Turkmenistan, Turkey lay emphasis on co-op in trade, humanitarian sectors
Oil prices not to recover to pre-coronavirus levels as quickly as they fell
Kazakh national postal service operator to buy liquefied gas via tender
Uzbekistan lifts some restrictions to boost construction work countrywide
Azerbaijani oil prices for May 18-22
Iran's Khatunabad copper smelter’s production increases
Kazakhstan sees positive signs with its trade volume with Europe
Iran partially pays subsidies to construction company as part of Mehr Housing Project
Kazakhstan closes off Karachaganak field as COVID-19 cases reported
Iran- Iraq trade via Parviz Khan customs checkpoint resumes
MFA: Armenian PM’s congratulations on occasion of Ramadan - highest level of hypocrisy
COVID-19 cases in Uzbekistan increase to 3,180
FM: Azerbaijan, Turkey - together in joy and sorrow
Cement exports from Turkey to Kyrgyzstan fall sharply
Iran's watermelon exporters in Turkey face dilemma, as business suffers
Iran's foreign currency policy slows down exports
Kazakhstan’s oil producing company to buy pipes via tender
Armenia violates ceasefire with Azerbaijan 23 times
Iran Khodro breaks production record despite COVID-19 pandemic
Georgian banks' net profit up
Aston Martin chief to leave, Mercedes-AMG CEO to replace him
Iran allows high-risk businesses to re-open, with new health rules in place
Chamber of Commerce talks Iranian-Tajik trade amid COVID-19
Onshore oil, gas and condensate fields in Azerbaijan
Iran warns of health protocol as COVID-19 cases soar in some provinces
TANAP consortium talks on creation of operator company
Thailand reports 2 new coronavirus cases, 1 more death
Kyrgyzstan reports 30 new COVID - 19 cases, 1433 in total
Armenia ranks 6th with number of daily confirmed COVID-19 cases per million people
Number of COVID-19 cases surpasses 8,500 in Kazakhstan
BSTDB President: Azerbaijan has substantial buffers to mitigate COVID-19 impact on economy
Syrian troops destroy terrorist unit in southwest of Raqqa province
Chinese mainland reports no new domestically transmitted COVID-19 cases
S. Korea reports 16 more cases of new coronavirus, total at 11,206
U.S. COVID-19 death toll nears 100,000, New York Times calls it "incalculable loss"
White House limits travel to U.S. from Brazil due to coronavirus
Italy's COVID-19 death toll rises by 50 to 32,785
Coronavirus could cost Mexico a million jobs: president
UK COVID-19 deaths rise to 36,793 as another 118 patients die
Israel reports no COVID-19 death cases for 4 consecutive days
5.8-magnitude quake jolts Wellington, New Zealand
Spain's coronavirus death toll rises to 28,752
British PM Boris Johnson defends adviser over apparent breach of lockdown rules
India domestic flights to resume, but coronavirus cases rise
Singapore reports 548 COVID-19 cases
Oil demand projected to drop by more than 10% for 2020
Number of COVID-2019 cases across globe up by over 101,000 in past day - WHO
First Vice-President Mehriban Aliyeva extends Ramadan congratulations to the people of Azerbaijan (PHOTO)
Azerbaijani, Turkish FMs hold phone conversation
All news